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Friday Party Pooper

A crucial week for the market as Annual monetary policy from the RBI, F&O expiry and continued quarterly results remain in the spotlight. The bulls ruled till Thursday and Friday belonged to the bears

On Monday, the Sensex closed marginally higher at 13, 928.33 and the Nifty closed flat at 4,085.10. The BSE Midcap closed at 5,702, marginally higher by 3 points while BSE Smallcap closed in the negative by 4 points at 6970.

Among the sectoral indices, BSE Bankex declined 0.22%, BSE Auto declined 0.20%, BSE IT rose 0.66% and BSE Metal rose 2.17%.

The gainers were Tata Steel, Reliance Energy, Reliance Communication, ONGC, HDFC and Satyam. Laggards included ITC, HLL Bajaj Auto, SBI, Maruti and TCS.

On Tuesday, RBI Governor Dr. Y.V. Reddy decided to take a pause in his long sequence of monetary tightening measures. All markets ---- stock, bond and currency ---- celebrated. The biggest movement was seen in the forex market where the rupee moved to Rs 41.04 to the dollar on an intra-day basis. The Sensex and Nifty closed higher at 14,136.72 and 4,141.80, respectively.

SBI, Bharti Airtel, Tata Steel and HLL led from the front. Even, mid- and small-caps participated in the rally. The BSE Mid Cap closed higher at 5,745.34 (as against 5,702.44 on Monday) and the CNX Midcap closed at 5,215.85 (as against 5,165.05).

Technology stocks lost grip as the rupee strengthened against the US dollar. Wipro and TCS were among the big losers. Among the sectoral indices, BSE Bankex, BSE Auto and BSE Metal rose but BSE IT declined.

The rally continued on Wednesday with the Sensex closing at 14, 217.77 and the Nifty at 4,167.30. Tech stocks closed lower on the back of the strengthened rupee. Infosys, Satyam Computers, HCL Tech and Patni Computers were among the major losers. The BSE Mid Cap closed higher at 5,805.33 and the CNX Midcap at 5,266.65.

On Thursday, the market opened higher thanks to cues from the strong US market and the Dow Jones hitting a high of 13,107. Due to profit booking, the indices closed flat. The Sensex closed at 14,228 and the Nifty at 4,177. HPCL, Bajaj Auto, BPCL, HLL and Tata Motors were the major gainers while HCL and Tata Steel were among the notable losers. Mid-caps dipped and the BSE Mid Cap and CNX Midcap closed lower at 5, 788.03 and 5,240.30 respectively.

The party ended on Friday. The Sensex closed lower at 13, 908.58 and the Nifty at 4,083.50. The BSE Mid Cap and CNX Midcap closed lower at 5,733.53 and 5,193.80, respectively.

FIIs were net buyers the entire week, except for Tuesday when they turned into net sellers. From Monday to Thursday, mutual funds were net buyers.

The top losers this week were Cipla (-7.64%) and Infosys (- 2.36%). Bharti Airtel lost 2.28% despite the fact that the company came out with strong Q4 earnings numbers. RIL too declared its results this week and the company posted a Q4 net profit of Rs 2,853 crore as compared to Rs 2,502 crore, YoY. The top gainers were Ranbaxy (7.79%), ACC (3.91%) and Tata Motors (3.53%).